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“Net-zero” financing commitments from banks and asset managers should align with goals to limit the global average temperature increase to 1.5°C and be backed by “credible” metrics and targets, the US Treasury said on Tuesday.
The Treasury released a document setting out new principles as world leaders, celebrities and business moguls converged on Manhattan to focus attention on the climate crisis during the UN General Assembly week.
It aims to promote consistency, credibility and transparency across net-zero pledges by financial institutions.
Among the nine principles, the Treasury prescribed that financial institutions should practice “transition finance” that can support decarbonisation in high-emitting sectors that are difficult to abate. This includes providing financing, investment, or advisory services to support “a managed and accelerated transition from high-emitting to zero- or near-zero- emissions assets.”
Examples of this would be to phase out coal-fired power plants before the end of their useful lives to be replaced with wind or solar power, the Treasury said.
Institutions also should bring their clients' and portfolio company investments into line with temperature limits. US Treasury officials told reporters that this goal can fit in with institutions' fiduciary responsibilities to clients.
Data research funding
The Treasury also announced that several philanthropic groups have pledged $340 million to help develop research, data and technical resources intended to help financial institutions develop and execute “robust, voluntary net-zero commitments.”
The funding will also support work to facilitate the transition planning efforts of non-financial sectors of the economy, the Treasury said.
Groups included in these commitments include the Bezos Earth Fund, Bloomberg Philanthropies, Climate Arc, ClimateWorks, Hewlett Foundation, and Sequoia Climate Foundation.
US Treasury Secretary Janet Yellen said her goal for the new principles is to “affirm the importance of credible net-zero commitments and to encourage financial institutions that make them to take consistent approaches to implementation.”
She said in excerpts of remarks to be delivered later on Tuesday that there would be $3 trillion in global investment opportunities associated with the transition to net zero each year between now and 2050.
Mark Carney, the UN's Special Envoy for Climate Action, endorsed the principles as aligning with the Glasgow Financial Alliance for Net Zero's own planning framework.
He said in a statement that encouraging financial institutions to consider climate solutions to decarbonise existing businesses, “will help investment flow where it needs to get the entire economy to net zero,”
“This will strengthen growth, create jobs, and reduce energy prices – all while lowering emissions,” Mr Carney added.
The specs
Engine: 3.0-litre twin-turbo flat-six
Power: 480hp at 6,500rpm
Torque: 570Nm from 2,300-5,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 10.4L/100km
Price: from Dh547,600
On sale: now
Killing of Qassem Suleimani
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Glossary of a stock market revolution
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Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
The five pillars of Islam
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Company%20profile
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The specs: 2018 GMC Terrain
Price, base / as tested: Dh94,600 / Dh159,700
Engine: 2.0-litre turbocharged four-cylinder
Power: 252hp @ 5,500rpm
Torque: 353Nm @ 2,500rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.4L / 100km
UAE currency: the story behind the money in your pockets
If you go:
Getting there:
Flying to Guyana requires first reaching New York with either Emirates or Etihad, then connecting with JetBlue or Caribbean Air at JFK airport. Prices start from around Dh7,000.
Getting around:
Wildlife Worldwide offers a range of Guyana itineraries, such as its small group tour, the 15-day ‘Ultimate Guyana Nature Experience’ which features Georgetown, the Iwokrama Rainforest (one of the world’s four remaining pristine tropical rainforests left in the world), the Amerindian village of Surama and the Rupununi Savannah, known for its giant anteaters and river otters; wildlifeworldwide.com
The biog
Age: 30
Position: Senior lab superintendent at Emirates Global Aluminium
Education: Bachelor of science in chemical engineering, post graduate degree in light metal reduction technology
Favourite part of job: The challenge, because it is challenging
Favourite quote: “Be the change you wish to see in the world,” Gandi
Scoreline
Liverpool 3
Mane (7'), Salah (69'), Firmino (90')
Bournemouth 0
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Racecard
6.35pm: American Business Council – Maiden (PA) Dh80,000 (Dirt) 1,600m
7.10pm: British Business Group – Maiden (TB) Dh82,500 (D) 1,200m
7.45pm: CCI France UAE – Handicap (TB) Dh87,500 (D) 1,400m
8.20pm: Czech Business Council – Rated Conditions (TB) Dh105,000 (D) 1,400m
8.55pm: Netherlands Business Council – Rated Conditions (TB) Dh95,000 (D) 1,600m
9.30pm: Indian Business and Professional Council – Handicap (TB) Dh95,000 (D) 1,200m
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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AIR
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EBen%20Affleck%3Cbr%3E%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EMatt%20Damon%2C%20Jason%20Bateman%2C%20Ben%20Affleck%2C%20Viola%20Davis%3Cbr%3E%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The%20Roundup
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UAE currency: the story behind the money in your pockets
A Bad Moms Christmas
Dir: John Lucas and Scott Moore
Starring: Mila Kunis, Kathryn Hahn, Kristen Bell, Susan Sarandon, Christine Baranski, Cheryl Hines
Two stars
